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AccountingCorporate Financial Accounting15th Edition
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Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on account. $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. b. Received payment less the discount c. Refunded $600 to customer for defective merchandise that was not returned.

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Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 5.1BE
Problem 5.2BE
Problem 5.3BE
Problem 5.4BE
Problem 5.5BE
Problem 5.6BE
Problem 5.7BE
Problem 5.1EX
Problem 5.2EX
Problem 5.3EX
Problem 5.4EX
Problem 5.5EX
Problem 5.6EX
Problem 5.7EX
Problem 5.8EX
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Problem 5.30EX
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Problem 5.1APR
Problem 5.2APR
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Problem 5.4APR
Problem 5.5APR
Problem 5.6APR
Problem 5.7APR
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Problem 5.9APR
Problem 5.10APR
Problem 5.1BPR
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Problem 5.4BPR
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Problem 5.6BPR
Problem 5.7BPR
Problem 5.8BPR
Problem 5.9BPR
Problem 5.10BPR
Problem 2COP
Problem 5.1MAD
Problem 5.2MAD
Problem 5.3MAD
Problem 5.4MAD
Problem 5.5MAD
Problem 5.6MAD
Problem 5.7MAD
Problem 5.1TIF
Problem 5.2TIF
Problem 5.5TIF
Problem 5.6TIF
Problem 5.7TIF
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Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
Chapter 5, Problem 5.3BE
Textbook Problem
139 views

Sales transactions

Journalize the following merchandise transactions:

a. Sold merchandise on account. $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800.

b. Received payment less the discount

c. Refunded $600 to customer for defective merchandise that was not returned.

a.

To determine

To record: Journal entry for the sales of inventory on account and cost of goods sold.

Explanation of Solution

Sales is an activity of selling the merchandise inventory of a business.

Record the journal entry for the sale of inventory on account.

Date Accounts and Explanation Debit ($) Credit ($)
  Accounts Receivable 17,820 (1)  
  Sales   17,820
  (To record the sale of inventory on account after discount)    

Table (1)

  • Accounts Receivable is an asset and it is increased by $17,820. Therefore, debit account receivable with $17,820.
  • Sales is revenue and it increases the value of equity by $17,820. Therefore, credit sales with $17,820.

Working Note:

Calculate the amount of accounts receivable.

Amount of accounts receivable} = Sales − Discount= Sales − (Sales ×

b.

To determine

To record: The journal entry for balance amount received.

c.

To determine

To record: The journal entry for sales return.

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Chapter 5 Solutions

Corporate Financial Accounting
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